Ely
Gold is a fast growing royalty company with over 77 projects, primarily
in Nevada and the Western United States. The Company's portfolio
currently consists of 27 deeded royalties and 24 properties optioned to
third parties, all of which are being explored or developed by partners.
The Company also has 26 properties for sale. Ely Gold's partners
include major mining companies, mid-tier producers and junior
exploration companies.

The Extension Claims

The Extension Claims consist of 20 claims acquired by Ely Gold in September 2018 (the "2018 Claims") and 22 claims acquired in September 2016 (the "2016 Claims"),
all claims were acquired through staking in White Pine County, Nevada.
The Claims are located within Fiore's current Gold Rock land package
northeast of Fiore's main Resource Area and provide Fiore with
additional exploration targets (see Figure 1). The purchase also
includes the complete data base on the Extension Claims currently owned
by Nevada Select. Nevada Select also owns a 0.5% royalty on the stated
Fiore Gold Resource Area at Gold Rock (
http://fioregold.com/gold-rock/).

The Transaction

The
Asset Purchase Agreement allows for Nevada Select to transfer, by
mineral deed, its 100% interest in the 2016 and 2018 Claims, and the
data base for a one-time cash payment of US$10,227.00. In turn, Fiore
will grant to Nevada Select a 2% NSR on the 2016 Claims and 1.5% NSR on
the 2018 Claims.

Trey Wasser, Ely Gold's President and CEO commented: "We are pleased to assist Fiore in the consolidation of itsGold Rock property in Nevada. These newly acquired royalties complementourexisting royalty portfolio on Fiore'sGold Rock Resource. Fiore has reported that it expects federal mining permits to be issued in late 2018."

Stephen
Kenwood, P. Geo, is a director of the Company and a Qualified Person as
defined by NI 43-101. Mr. Kenwood has reviewed and approved the
technical information in this press release.

About Ely Gold Royalties

Ely
Gold Royalties Inc. is a Vancouver-based, emerging royalty company with
development assets focused in Nevada and the Western US. Its current
portfolio includes 27 Deeded Royalties and 24 properties optioned to
third parties. All 51 of these properties are being explored by third
parties. Ely Gold's royalty portfolio includes producing royalties,
royalties on fully permitted mines, mines under construction and
development projects that are being permitted for mine construction. The
Company is actively purchasing existing third-party royalties for its
portfolio and all the Company's Option Properties will produce
royalties, if exercised. The royalty and option portfolios are currently
generating significant revenue. Ely Gold is well positioned with its
current portfolio of over 26 available properties to generate additional
operating revenue through option and sale transactions. The Company has
a proven track record of maximizing the value of its properties through
claim consolidation and advancement using its extensive, proprietary
data base. All portfolio properties are sold or optioned on a 100%
basis, while the Company retains net smelter royalty interests.
Management believes that due to the Company's ability to generate option
and royalty transactions, its successful strategy of organically
creating royalties, its equity portfolio and its current low valuation,
Ely Gold offers shareholders a low-risk leverage to the current price of
gold, exploration in Nevada and low-cost access to long-term mineral
royalties.

Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release.

Disclaimer: This press release contains certain
"forward-looking statements" within the meaning of Canadian securities
legislation, including statements regarding the Company's contemplated
acquisition or sale of royalties and Properties, and any stated plans
for further near-term exploration and development of the its Properties.
Although the Company believes that such statements are reasonable, it
can give no assurance that such expectations will prove to be correct.
Forward-looking statements are statements that are not historical facts;
they are generally, but not always, identified by the words "expects,"
"plans," "anticipates," "believes," "intends," "estimates," "projects,"
"aims," "potential," "goal," "objective," "prospective," and similar
expressions, or that events or conditions "will," "would," "may," "can,"
"could" or "should" occur, or are those statements, which, by their
nature, refer to future events. The Company cautions that
Forward-looking statements are based on the beliefs, estimates and
opinions of the Company's management on the date the statements are made
and they involve a number of risks and uncertainties. Consequently,
there can be no assurances that such statements will prove to be
accurate and actual results and future events could differ materially
from those anticipated in such statements. Except to the extent required
by applicable securities laws and the policies of the TSX Venture
Exchange, the Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause
future results to differ materially from those anticipated in these
forward-looking statements include the risk of accidents and other risks
associated with mineral exploration, development and extraction
operations, the risk that its partners will encounter unanticipated
geological factors, or the possibility that they may not be able to
secure permitting and other governmental clearances, necessary to carry
out their stated plans for the Properties, the Company's inability to
secure the required TSXV acceptance required for any Transaction, and
the risk of political uncertainties and regulatory or legal disputes or
changes in the jurisdictions where the Company carries on its business
that might interfere with the Company's business and prospects. The
reader is urged to refer to the Company's reports, publicly available
through the Canadian Securities Administrators' System for Electronic
Document Analysis and Retrieval (SEDAR) at
www.sedar.com for a more complete discussion of such risk factors and their potential effects.